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Gold Hit Record $992, Oil $106, Euro $1.54

Golds Hit Record $992, Current Price is $979

Goldseek
March 6, 2008

THE PRICE OF PHYSICAL gold bullion moved in a tight 0.8% range early Thursday, re-touching yesterday’s new all-time high above $992 per ounce as the US Dollar sank once again.

As the opening drew near in New York – where a small bomb damaged an army recruitment center in Times Square overnight – crude oil jumped to a new record above $105 per barrel.

European stock markets meantime ticked 0.3% lower as the Euro single currency leapt to a new all-time high of $1.5345 after the central bank in Frankfurt kept its interest rates on hold at 4.0%.

“We could see Gold Prices spike this year and hit $1,500 per ounce,” reckons Jay Taylor, editor of the Gold & Technology Stocks newsletter.

Peter Spina of Goldseek.com, also speaking to Reuters, agrees that $1,500 or even $2,000 gold is “definitely possible” in the next year, while Peter Schiff of Euro Pacific Capital says “gold has a shot at $1,200 or even $1,500 this year.

“It is a measure of the value of currencies and will go up as long as central banks continue to devalue currencies.”

Read Full Article Here

 

Euro Breaks $1.54 Mark, Drops back to $1.53

AP
March 7, 2008

The euro on Friday exceeded US$1.54 for the first time, after the European Central Bank left its benchmark rate unchanged a day earlier and signaled that rate cuts are not expected in the near term.

That sentiment pushed the euro to a new high in European morning trading; it reached US$1.5429 before dropping back slightly to US$1.5395, above the US$1.5370 it bought in New York late Thursday. It was the latest in a string of records for the 15-nation euro this week.

“The euro-dollar has taken another significant level this morning, having breached US$1.5400, and although this may be initiating a degree of profit-taking in the short term, many will remain mindful of Trichet’s hawkish stance and tacit acceptance of a stronger euro at yesterday’s ECB rate-setting meeting,” said James Hughes of CMC Markets, referring to ECB president Jean-Claude Trichet.

European Union businesses said they were starting to feel the pinch, notably from U.S.-based buyers who assert that the high euro makes European goods more expensive.

Meanwhile, the British pound stayed above the US$2 mark for a second day, buying US$2.0132 in European trading, above the US$2.0092 it bought in late New York trading the night before. Like the euro, it jumped higher after the Bank of England kept its own interest rate unchanged at 5.25 percent.

The dollar drifted lower to 101.96 Japanese yen from 103.09 yen on Wednesday.

 

Oil Prices Hit Record Near $106, Steadies at $105

AP
March 7, 2008

Oil prices were steady Friday after jumping to a trading record near $106 a barrel in the previous session as the dollar’s slide to new lows prompted investors to pump more money into commodities.

Analysts believe the steadily weakening dollar is the reason oil prices have jumped to a number of new inflation-adjusted record highs this week. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.

“There are expectations that the dollar will go lower, and that’s driving money into commodities,” said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. “Traders now have this mantra: sell the dollar and buy oil, or buy commodities.”

Light, sweet crude for April delivery fell 3 cents to $105.44 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.

The contract rose 95 cents Thursday to settle at a record $105.47 a barrel after earlier spiking to a trading record of $105.97.

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CNN: A New Depression Might Be Coming

http://www.youtube.com/watch?v=dR7h8NBQU3E

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U.S. Economic Collapse News Archive

 


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